By Devika Patel
Knoxville, Tenn., Feb. 12 - Helix BioMedix, Inc. said it arranged a $3.24 million private placement of convertible promissory notes.
The notes mature July 1, 2011and carry a coupon of 8%. They are convertible at $1.00.
Investors will receive warrants for 810,000 shares. The warrants will be exercisable at $1.00.
Proceeds will be used for general corporate purposes as well as to begin initial work towards Rx product development and to support the continued expansion of the company's consumer program.
Based in Bothell, Wash., Helix develops bioactive peptides used in skin care products.
| Issuer: | Helix BioMedix, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $3.24 million
|
| Maturity: | July 1, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $1.00
|
| Warrants: | For 810,000 shares
|
| Warrant strike price: | $1.00
|
| Pricing date: | Feb. 12
|
| Stock symbol: | OTCBB: HXBM
|
| Stock price: | $0.45 at close Feb. 11
|
| Market capitalization: | $11.5 million
|
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